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Is one of the fixed asset accounts from Office Equipment Land Delivery Equipment or Building will not have a related contra asset account?
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∙ 10y ago
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∙ 10y ago
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What can go to Expense Account Choose ccounts payable interest revenue accounts receivable merchandise inventory accumulated depr - building mortgage payable accumulated depr - equipment office?
Accumulated Depreciation Building and Accumulated Depreciation Equipment office
If a company purchase equipment on account What is the assets here?
The asset account will be Equipment. You will debit this account to increase its value. The credit side of this transaction will be Accounts Payable. This transaction will increase the value of Accounts Payable, as well.
The balance of a furniture and equipment account a debit or credit?
It is a debit balance. Furniture and Equipment accounts are included in an individuals assets and asset accounts have debit values.
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
When a company purchases equipment on account what journal entries are created?
debit equipmentcredit accounts payable
Is delivery equipment a contra asset account?
No, it is not a contra asset account. By definition, a contra asset account is an account which typically carries a credit balance and is used to accumulate amounts that are reductions of assets. Two common contra asset accounts are Allowance for Uncollectible Accounts Receivable and Accumulated Depreciation. If the delivery equipment is owned by your company then it should be considered an asset.
What can go to Expense Account Choose ccounts payable interest revenue accounts receivable merchandise inventory accumulated depr - building mortgage payable accumulated depr - equipment office?
Accumulated Depreciation Building and Accumulated Depreciation Equipment office
If a company purchase equipment on account What is the assets here?
The asset account will be Equipment. You will debit this account to increase its value. The credit side of this transaction will be Accounts Payable. This transaction will increase the value of Accounts Payable, as well.
The balance of a furniture and equipment account a debit or credit?
It is a debit balance. Furniture and Equipment accounts are included in an individuals assets and asset accounts have debit values.
What types of events make the equipment account go up Are these debits or credits to equipment?
The purchase or receipt of equipment make the equipment (ASSET) account go up. The entry is a debit to equipment and a credit to cash or accounts payable.
Why can't all the balance of payments accounts be in surplus?
The balance of payments accounts cannot be in surplus because there is always a balance in economics. For example, if you used cash assets to purchase equipment, the equipment account will increase but the cash assets account will decrease.
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
When a company purchases equipment on account what journal entries are created?
debit equipmentcredit accounts payable
What will be Journal entry for purchase of building from general reserve account?
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
The purchase of a typewriter on an account would be recorded as a debit on accounts payable and credit to office equipment True or False?
false
Is accounts receivable a permanent account?
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
